Sequoia Financial Advisors LLC Sells 3,172 Shares of Chevron Co. (NYSE:CVX)

Defense World · Mar 26, 2023 18:52

Sequoia Financial Advisors LLC decreased its position in shares of Chevron Co. (NYSE:CVX – Get Rating) by 3.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 91,727 shares of the oil and gas company's stock after selling 3,172 shares during the period. Sequoia Financial Advisors LLC's holdings in Chevron were worth $16,464,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of CVX. Renaissance Technologies LLC boosted its holdings in shares of Chevron by 600.7% in the 2nd quarter. Renaissance Technologies LLC now owns 5,786,295 shares of the oil and gas company's stock valued at $837,740,000 after buying an additional 4,960,475 shares in the last quarter. New England Asset Management Inc. raised its position in Chevron by 106.3% during the 3rd quarter. New England Asset Management Inc. now owns 4,439,965 shares of the oil and gas company's stock worth $637,889,000 after buying an additional 2,288,050 shares during the last quarter. Legal & General Group Plc raised its position in Chevron by 16.3% during the 2nd quarter. Legal & General Group Plc now owns 13,569,692 shares of the oil and gas company's stock worth $1,964,620,000 after buying an additional 1,899,104 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Chevron by 7.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 12,052,751 shares of the oil and gas company's stock worth $1,731,739,000 after buying an additional 847,841 shares during the last quarter. Finally, Neuberger Berman Group LLC raised its position in Chevron by 28.3% during the 3rd quarter. Neuberger Berman Group LLC now owns 3,477,683 shares of the oil and gas company's stock worth $499,801,000 after buying an additional 767,699 shares during the last quarter. Institutional investors own 69.37% of the company's stock.

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Chevron Trading Up 1.0 %

Shares of CVX opened at $156.06 on Friday. Chevron Co. has a 52-week low of $132.54 and a 52-week high of $189.68. The company has a quick ratio of 1.23, a current ratio of 1.47 and a debt-to-equity ratio of 0.13. The firm's fifty day moving average is $167.05 and its two-hundred day moving average is $169.40. The stock has a market cap of $297.55 billion, a PE ratio of 8.54, a price-to-earnings-growth ratio of 0.74 and a beta of 1.16.

Chevron (NYSE:CVX – Get Rating) last announced its earnings results on Friday, January 27th. The oil and gas company reported $4.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.16 by ($0.07). The business had revenue of $56.47 billion for the quarter, compared to analyst estimates of $53.97 billion. Chevron had a return on equity of 23.52% and a net margin of 14.40%. The company's revenue for the quarter was up 17.1% compared to the same quarter last year. During the same period last year, the firm earned $2.56 EPS. Research analysts forecast that Chevron Co. will post 14.73 earnings per share for the current fiscal year.

Chevron Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 10th. Stockholders of record on Thursday, February 16th were given a dividend of $1.51 per share. This is a boost from Chevron's previous quarterly dividend of $1.42. The ex-dividend date was Wednesday, February 15th. This represents a $6.04 annualized dividend and a dividend yield of 3.87%. Chevron's payout ratio is presently 33.04%.

Chevron declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, January 25th that permits the company to buyback $75.00 billion in outstanding shares. This buyback authorization permits the oil and gas company to buy up to 21.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. HSBC raised their price target on shares of Chevron to $187.00 in a research report on Friday, December 2nd. Morgan Stanley cut their target price on shares of Chevron from $197.00 to $195.00 and set an "equal weight" rating for the company in a report on Monday, January 30th. Wells Fargo & Company cut their target price on shares of Chevron from $204.00 to $199.00 and set an "overweight" rating for the company in a report on Thursday, March 2nd. Raymond James cut their target price on shares of Chevron from $215.00 to $212.00 and set an "outperform" rating for the company in a report on Monday, January 30th. Finally, StockNews.com initiated coverage on shares of Chevron in a report on Thursday, March 16th. They set a "hold" rating for the company. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $189.50.

Insider Activity

In other news, VP Rhonda J. Morris sold 19,666 shares of the business's stock in a transaction dated Tuesday, February 7th. The shares were sold at an average price of $170.00, for a total transaction of $3,343,220.00. Following the transaction, the vice president now owns 3,967 shares of the company's stock, valued at approximately $674,390. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.32% of the company's stock.

Chevron Company Profile

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Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of the exploration, development, and production of crude oil and natural gas, the liquefaction, transportation, and regasification associated with liquefied natural gas, the transporting of crude oil by major international oil export pipelines, the processing, transporting, storage, and marketing of natural gas, and a gas-to-liquids plant.